What To Do If You Can Not Make Your Car Payment

April 24, 2020

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26 million Americans are jobless due to COVID-19. That's one in 6 people who have found themselves without an income. However with numbers like these, many businesses are working with people when it comes to debts, including your car loan or lease. If you have a loan or lease that you’re having trouble paying right now, call your bank or leasing company and try to negotiate an accommodation. For a traditional car loan, ask for a deferment. Most institutions are approaching this on a case-by-case basis, and they’re generally working with customers affected by the pandemic. Keep in mind that you will still owe the money, and the interest will continue to accrue, so the sooner you can get back to paying, the better. For a leased vehicle, a deferment means extra months of payment but not necessarily extra mileage. It can be very difficult to get out of a lease, although lease transfers, getting someone else to assume the lease, are possible. But it could be difficult to find a recipient during an economic downturn. Some companies, such as Swap-a-Lease, work to match prospective customers interested in taking over leases from financially stressed leaseholders.

SOURCE: Consumer Reports

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